Bank of Nova Scotia (Scotiabank) is planning to expand its wealth management business in emerging economies, according to globeandmail.com.
According to the report, the bank is looking to increase its footprint in South America and Asia, where the growing ranks of the middle class find themselves with more wealth to manage.
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"We have a wonderful road to run in markets like Mexico, Chile and Peru which saw 25% growth last year," globeandmail.com quoted Jordy Chilcott, head of Scotiabank’s retail global asset management as saying.
The bank is also interested in tapping Asia wealth management market specifically China, where the bank’s asset-management arm launched a joint-venture partnership with Bank of Beijing in mid-March.
"This was the first bank asset manager approval in China since the global financial crisis hit in 2008," Chilcott noted.
Scotiabank had $131-billion in assets as of 31 January 2013, up from $115-billion at the end of the previous quarter.
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